Western Midstream Partners, LP (WES)

Natural Gas Transmission

Latest Price

$46.39

TTM P/E

Normalized P/E

TTM Div Yield

Fwd Div Yield

Book Value

P/B Ratio

Valuation metrics

Norm. op. income: $1.4B (median of 7yr)

Tax rate: 5%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$14.54

68% downside

Base FCF: $1.3B (median of recent 5yr)

Growth: 17%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$120.63

+167% upside

42.8% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
Alps Advisors Inc	36.63M	$1.60B	9.30%	-2.01M	2026-06-30
Invesco Ltd.	24.12M	$1.05B	6.13%	+74.7K	2026-06-30
Morgan Stanley	21.23M	$929.0M	5.39%	+16.68M	2026-06-30
Blackstone Inc.	10.37M	$453.0M	2.63%	+1.61M	2026-06-30
MIRAE ASSET GLOBAL ETFS Holdings Ltd.	8.64M	$377.0M	2.19%	--	2026-06-30
Goldman Sachs Group Inc	8.53M	$373.0M	2.17%	-231.0K	2026-06-30
Tortoise Capital Advisors, L.L.C.	6.51M	$284.0M	1.65%	-2.27M	2026-06-30
Neuberger Berman Group LLC	6.19M	$270.0M	1.57%	-93.3K	2026-06-30
Chickasaw Capital Management LLC	5.51M	$241.0M	1.40%	-69.4K	2026-06-30
UBS Group AG	3.57M	$156.0M	0.91%	-154.8K	2026-06-30